Ask questions or fill in the information for a quote, we're here to help.
Pacific Prime releases 2016 Cost of Health Insurance Report
Posted on Jul 28, 2016 by Travis Jones
UAE Medical Insurance's global partner Pacific Prime has just released the latest edition of their Cost of Health Insurance Report for 2016! This report should prove to be a valuable resource for anyone, any business or any organization that has or will be getting international private medical insurance in the coming year. Find out more about the report and what is contained within it here.
Have costs in your household been going up lately? Where has the biggest increase in your local costs lately been? With the recent reforms to the healthcare system and mandatory insurance coming to Dubai, there are many people in the UAE that have seen costs rise when it comes to their healthcare. And it’s not only individuals. Companies of all sizes and families in Dubai in particular are now living with the reality of mandated health insurance for all.
The 2016 Cost of Health Insurance Report
Fortunately for people in the UAE, they now have an up-to-date resource outlining what costs to expect when it comes to obtaining international health insurance. That’s right! The 2016 edition of Pacific Prime’s Cost of Health Insurance Report is now available to the public for download. For those unfamiliar with Pacific Prime, they are a broker of International Health Insurance based in Hong Kong, as well as a global partner of UAE Medical Insurance.
Those that read the 2015 version of the report will no doubt recall how it breaks down, in detail, the average cost of health insurance in numerous countries around the world. Not only that, it includes these stats across multiple demographics, including individuals, couples, families, and retirees.
Pacific Prime hasn’t been resting on their laurels this year. Their team has taken strides to make sure the 2016 Cost of Health Insurance Report is the best yet. Several additions have been made to it to make sure that the report is not only a valuable resource of insurance information for all, but also that it is easy to use and interactive. Some of the changes and additions included are:
The report now covers 95 countries around the globe, where the previous year’s edition covered 94
The report now has updated figures for the cost of health insurance around the world for 2016
There is also an updated list of the bottom 5 least expensive and top 20 most expensive countries for medical insurance
Analysis of which countries have seen the most movement in the report’s rankings
Analysis of the factors that have been affecting specific countries the most when it comes to the cost of health insurance there
Actual monetary figures of the average cost of health insurance in each country across each of the 4 demographics
The spread between the highest and lowest insurers has significantly decreased this year, and the report includes analysis as to why
Armed with the information presented by the Cost of Health Insurance Report 2016 families, employers, organizations and individuals alike can make educated decisions about the value of insurance plans presented to them, whether at renewal time or when they are buying a brand new international private medical insurance policy.
Beyond just updating the information found in the report, this year a great effort has been made by Pacific Prime to enhance the look and interactivity of the report by presenting it in a new format. Whereas the previous year’s report was presented mainly via PDFs (which will still be available in the updated edition), this year a website has been created that presents streamlined information. This is in response to the length and shear amount of information presented in the 2015 edition. Also, the new web page is mobile optimized for easy reading on your mobile phone.
One additional feature that will be released in late July/early August is an interactive map of the world that can show you insurance costs by demographic with the simple swipe of your mouse. Be sure to check the links below regularly for this.
There are any number of conclusions that we can come to with the information included in the report, and we did find some very interesting information to share. Here are just a few examples of some interesting facts:
Asia appears to be the most expensive region in the world as far as the cost of health insurance is concerned. That said, Pacific Prime fully believes that Dubai, with its mandatory health insurance, is now the world leader in health insurance and will be a key determiner of the health of the industry going forward.
The least expensive country for international health insurance is Mali
The most expensive country, yet again, was the United States
Dubai has been ranked 6th this year with an average cost of USD 10,213. In this year's report, Dubai represented the single largest increase in ranking with a jump of 8 places from 2015's ranking.
The overall average cost of health insurance in all of the countries covered had a price range from $7,608 to $17,335
If you would like to see these figures for yourself, as well as draw your own conclusions from the data presented, check out the report via the link at the bottom of this article.
What about the UAE?
One very interesting aspect of the countries that Pacific Prime has chosen to cover is that they have actually focused on Dubai as the emirate whose health care system was analyzed, as each emirate has its own system with unique features. This has revealed that Dubai has the 6th highest cost of health insurance of the countries covered. Furthermore, Dubai had the largest jump up in rankings from 2015 (8 spots) due to increasing insurance costs. There are a number of reasons for these points, all of which is contained in the full report.
The only other country in the Middle East region found in the top 20 most expensive countries was Israel at #7 in the rankings, just behind Dubai.
Pacific Prime’s Cost of Health Insurance Report is available now for download for FREE from www.PacificPrime.com. Click this link for the real dollar amount averages for the Cost of Health Insurance in the UAE that can be found in the report.